Cyber Liability Insurance

Business has changed a lot over the years. Many of us can recall a time when most companies didn’t really use computers yet now it seems like they’re central to everything we do.

With that increased reliance on computers and the internet comes increased risk. Cybercrimes are an ever-growing problem for small, midsize, and large businesses across virtually all industries. These attacks are mostly done for financial gain, either by directly stealing money or taking customer data, which is then sold to identity thieves.

Merchants in particular are at risk for theft of payment information, such as credit cards. Merchants accepting payment cards are responsible for complying with the Payment Card Industry Data Security Standard (PCI DSS). Contrary to what you might believe, even when using a third-party vendor for card processing, the merchant is ultimately responsible for ensuring compliance. This means that in the event of a breach, the merchant is liable for the breach and the ensuing PCI assessment.

However, even if you’re not a merchant you may find yourself liable as the result of a cyber-attack. Among other things, this could mean that, in addition losing business and suffering downtime from a cyber-attack, your customers and business partners may wind up suing you for compromising their data.

Of course, one of the best ways to stay prepared for any potential cyber-attack involves buying cyber insurance. Cyber insurance is rated based on the amount of information at risk, such as the number and size of records, type of business or service provided, and revenue. While coverage can vary, most policies address both the prevention of and reaction to data breaches.

However, keep in mind that certain issues might not be covered under a policy. One such problem is “social engineering.” In the field of information technology, this refers to scams which trick people into providing criminals with either money or confidential information.

In many cases, companies have been duped out of millions of dollars by crooks who impersonated employees – including the company’s CEO – to trick their victims into wiring money to untraceable accounts. Without the proper insurance, one of these costly scams can potentially cause serious harm to a business – possibly even bankrupting it!

Many businesses today simply can’t afford to go without cyber insurance. And, if you have a cyber insurance policy, it’s worth reviewing what’s actually covered by your policy. Likewise, cyber security should be a major consideration for your organization. You wouldn’t leave your business’s front doors unlocked when you close for the night, and you should certainly avoid similar vulnerabilities when it comes to your information systems.

For more information on Cyber Liability insurance, call us today at (203) 775-2564. In the meantime, please read through the brochures below.

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